| With the rapid development of China’s economy since the Reform and Opening-up,China’s foreign direct investment(FDI)is playing an increasingly important role in the field of global transnational direct investment.In 2014,China’s actual utilization of foreign capital was US$119.56 billion and its outward direct investment was $123.12 billion.For the first time,the scale of OFDI surpassed that of actual utilization of foreign capital.By the end of 2017,China’s outward FDI flows amounted to $158.29 billion,ranking third in global countries(regions),and its stock jumped from 6th in 2016 to 2nd.China’s direct investment in the "one belt and one way" country has also increased significantly.In 2017,China invested $20.17 billion in 57 countries along the "one belt and one road",an increase of 31.5%over the same period last year,accounting for 12.7%of China’s foreign direct investment in.Under the background of the rapid growth of China’s outward FDI,meanwhile,Chinese enterprises often do not have strong ownership and internalization advantages.China’s outward FDI does not flow to countries with safer politics and better systems,but rather to developing countries with higher risks(especially those with higher risks).It is the "one belt and one way" country.Meanwhile,the amount of cross-border mergers and acquisitions of China’s developed countries is getting bigger and bigger.The current phenomenon of China’s outward foreign direct investment is not consistent with the mainstream international direct investment theories such as Marginal Industrial Expansion Theory and Competitive Advantage Theory,so we need to make new researches and interpretation to these situations.In order to explain the above phenomena,this paper makes an empirical analysis from the perspective of China’s FDI motivation.The motivation of Chinese OFDI mainly focuses on natural resources and technological resources.As the second largest economy in the world,China has a population of 1.4 billion and a rapidly growing national economy,which leads to a growing demand for natural resources.At the same time,China’s rapid development has a strong demand for advanced technology.Combines the research results of previous scholars,based on the analysis of host country’s risk and resource factor endowment,analyses the factors affecting China’s outward FDI from the perspective of investment motivation,and analyses the differences of China’s outward FDI between different countries and regions,Because of the availability of data,this paper finally selected 10 variables from 84 countries in the world from 2004 to 2016.The Interpreted variables were the scale of China’s OFDI to the host country and processed by logarithm.The explanatory variables included the political risk index,institutional risk index,natural resource endowment and technological resource endowment of the host country.The controlling variables include the host country’s GDP,per capita GDP,GDP growth rate,the scale of imported Chinese goods and the degree of openness to the outside world.At the same time,84 countries were grouped into three groups:developed countries,developing countries and the "one belt and one road" countries.Analysed all data and three groups of data with Panel Data Model and using Generalized Least Squares Moment Estimation Method which can eliminate cross-sectional autocorrelation and cross-sectional heteroscedasticity.The empirical results show that China’s outward FDI has obvious characteristics of aversion to institutional risk,insensitivity to political risk,obvious natural resource-oriented and technology-seeking motivation,and obvious heterogeneity of the intrinsic motivation of China’s outward FDI to different countries and regions,There are obvious motives for technology seeking and resources acquisition of China’s outward FDI to developed countries,and the political and institutional risks of developed countries have no obvious impact on China’s direct investment.The possible reason is that developed countries have low risks,Chinese enterprises do not worry too much about risk factors when investing directly,meanwhile developed countries may adopt policies to restrict China’s direct investment,making it difficult for Chinese capital to enter developed countries for direct investment.For developing countries,China has obvious motivation to seek natural resources,not obvious motivation to seek technical resources,and has obvious risk aversion characteristics.It is more inclined to invest in developing countries with relatively low political and institutional risks.For the "one belt and one way" country,China has obvious investment motives for natural resources,the motive of technological resources is not obvious,and there is a tendency to invest in the countries with high political risk and higher institutional risk.The good protection of Chinese investors can compensate for the negative impact of political risks,and the low quality of governance will also bring rent-seeking opportunities to enterprises.At the same time,this paper also tests the interaction of explanatory variables in three groups of countries.Finally,according to the results of empirical tests,this paper puts forward some suggestions on FDI for China and Chinese enterprises. |
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